The National Association of Realtors (NAR) recently released its annual Housing Opportunity Pulse Survey which questioned Americans from across the nation on their attitudes towards homeownership. According to the survey, homeownership still features prominently as the American dream as nearly 8 out of 10 respondents believe buying a home is a good financial decision.
Also according to NAR and its Pending Home Sales Index, pending home sales have increased for the second consecutive month rising 4.3 percent to 82.3 based on contracts signed in August. The data reflects contracts and not closings. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
That number is still low when compared to August of 2009 when it was up 103.0, but it is still a sign of improvement and we'll take it. It's clear that we still have a ways to go towards a full housing market recovery. Most industry experts agree that we must have further job creation and healthier consumer confidence to achieve that goal. Those surveyed also agreed that job insecurity and the lack of jobs continue to be the primary obstacle to home ownership and market recovery at this time.
For those in a position to buy, it is still a prime opportunity with historically low interest rates and a wide selection of homes that are more affordable now than ever. NAR's survey respondents agreed, with more than two-thirds of respondents (68 percent) saying that now is a good time to buy a home.
If you are currently in the market to purchase a home, be aware that industry insiders are watching inflation rates closely right now. If inflation rates begin to rise, then so will mortgage rates. If mortgage rates rise, it could price many buyers out of their dream home.
Sunday, November 21, 2010
Wednesday, October 27, 2010
Knowing When It's A Good Time To Buy
The renting versus homeownership debate has taken center stage in the headlines lately. Wall Street Journal columnist Brett Arends provided readers with 10 Reasons to Buy a Home, while readers were able to ponder those 10 reasons the same week the Today Show featured a segment weighing the pros and cons of renting and buying.
All this information can be a lot to digest for many consumers, who are weighing whether to make the most significant financial commitment and investment of their lives. But for some people, the decision to buy a home isn't so much about dollars and cents it' s more of an emotional decision based on the desire to have a home that they can call their own. And many people simply want to be their own landlord, with no worries about an expiring lease hanging over their heads.
Almost everyone expects their real estate agent to say: "It's a good time to buy!" Right now, there are several factors that make that statement especially true. Buyers have a wider selection of properties to choose from, at more attractive and affordable prices. Mortgage interest rates are historically low, helping to improve affordability even more. Additionally, homeowners can also save on taxes by deducting mortgage interest from income taxes.
Home prices have stabilized in most markets, and in the long run home values typically enjoy modest gains. According to a recent survey by Fannie Mae, a majority of Americans still believe housing is a safe investment.
For some, purchasing a home can seem like an unreachable goal, while for others it still remains their number one American Dream. To find out if buying a home is a viable goal at this point in your life, contact your local Coldwell Banker Residential Brokerage office and they will assist you as you weigh your options.
A real estate professional can provide data on local home prices and sales, and help you analyze the statistics and determine how they affect you. They can also guide you as you search for a home and neighborhood that best suits your needs.
Whether to take the leap from renting to homeownership can be a tough decision. The guidance and expertise of a Coldwell Banker Residential Brokerage sales professional can make it much easier.
This representation is based in whole or in part on data supplied by our MLS partners. These entities neither guarantee nor are responsible for data accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.
All this information can be a lot to digest for many consumers, who are weighing whether to make the most significant financial commitment and investment of their lives. But for some people, the decision to buy a home isn't so much about dollars and cents it' s more of an emotional decision based on the desire to have a home that they can call their own. And many people simply want to be their own landlord, with no worries about an expiring lease hanging over their heads.
Almost everyone expects their real estate agent to say: "It's a good time to buy!" Right now, there are several factors that make that statement especially true. Buyers have a wider selection of properties to choose from, at more attractive and affordable prices. Mortgage interest rates are historically low, helping to improve affordability even more. Additionally, homeowners can also save on taxes by deducting mortgage interest from income taxes.
Home prices have stabilized in most markets, and in the long run home values typically enjoy modest gains. According to a recent survey by Fannie Mae, a majority of Americans still believe housing is a safe investment.
For some, purchasing a home can seem like an unreachable goal, while for others it still remains their number one American Dream. To find out if buying a home is a viable goal at this point in your life, contact your local Coldwell Banker Residential Brokerage office and they will assist you as you weigh your options.
A real estate professional can provide data on local home prices and sales, and help you analyze the statistics and determine how they affect you. They can also guide you as you search for a home and neighborhood that best suits your needs.
Whether to take the leap from renting to homeownership can be a tough decision. The guidance and expertise of a Coldwell Banker Residential Brokerage sales professional can make it much easier.
This representation is based in whole or in part on data supplied by our MLS partners. These entities neither guarantee nor are responsible for data accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.
Tuesday, October 5, 2010
Friday, October 1, 2010
30-year mortgage rate sinks to 4.32%
WASHINGTON — Rates on 30-year mortgages have matched the lowest level in decades, while rates on 15-year loans dropped to their lowest point in nearly 20 years.
Yesterday, mortgage buyer Freddie Mac said the average rate for 30-year fixed loans fell to 4.32 percent, the lowest on records dating back to 1971. That’s down from 4.37 percent the previous week.
The average rate on 15-year fixed loans fell to 3.75 percent, the lowest on records dating back to 1991.
Rates have been at or near the lowest levels in decades since spring as investors poured money into the safety of Treasury bonds, lowering their yield.
Also, Congress has extended a policy that allows homeowners in pricey real estate markets to secure government-backed mortgages of nearly $730,000.
Lawmakers voted to keep the maximum size of loans guaranteed by Fannie Mae and Freddie and the Federal Housing Administration at the current level through the end of 2011.
© Copyright 2010 Globe Newspaper Company.
Yesterday, mortgage buyer Freddie Mac said the average rate for 30-year fixed loans fell to 4.32 percent, the lowest on records dating back to 1971. That’s down from 4.37 percent the previous week.
The average rate on 15-year fixed loans fell to 3.75 percent, the lowest on records dating back to 1991.
Rates have been at or near the lowest levels in decades since spring as investors poured money into the safety of Treasury bonds, lowering their yield.
Also, Congress has extended a policy that allows homeowners in pricey real estate markets to secure government-backed mortgages of nearly $730,000.
Lawmakers voted to keep the maximum size of loans guaranteed by Fannie Mae and Freddie and the Federal Housing Administration at the current level through the end of 2011.
© Copyright 2010 Globe Newspaper Company.
Wednesday, September 22, 2010
30-Year Mortgage Rates Fell In Latest Week
Interest rates on 30-year fixed-rate mortgages fell for the first time in three weeks, real estate website Zillow.com said on Tuesday.
Interest rates are historically low, offering a glimmer of hope for a housing market that still faces plenty of obstacles. Rock-bottom rates may boost home loan refinancing activity and also makes homes more affordable.
Mortgage rates on 30-year fixed mortgages, the most widely used loan, were 4.25 percent Tuesday afternoon, down from 4.32 percent at the same time last week, according to Zillow Mortgage Marketplace.
That is the lowest rate reported since Zillow Mortgage Marketplace launched in April 2008.
The 30-year fixed mortgage rate peaked at 4.35 percent on Saturday and hovered near 4.33 percent before falling on Monday to the current rate, Zillow said.
Interest rates on other types of mortgages also fell.
Fifteen-year fixed mortgage rates were 3.73 percent, down from 3.76 percent the prior week. Rates for 5/1 adjustable-rate mortgages, or ARMs, set at a fixed rate for five years and adjustable each following year, were 3.13 percent, down from 3.27 percent the prior week.
Zillow's rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers through the website. They are not marketing rates, or a weekly survey.
Mortgage rates are linked to yields on Treasuries and yields on mortgage-backed securities. Yields move inversely to price.
Mortgage rates may continue to head lower.
Treasuries rallied on Tuesday as investors stampeded into safe-haven long-term U.S. debt. (Reuters)
Interest rates are historically low, offering a glimmer of hope for a housing market that still faces plenty of obstacles. Rock-bottom rates may boost home loan refinancing activity and also makes homes more affordable.
Mortgage rates on 30-year fixed mortgages, the most widely used loan, were 4.25 percent Tuesday afternoon, down from 4.32 percent at the same time last week, according to Zillow Mortgage Marketplace.
That is the lowest rate reported since Zillow Mortgage Marketplace launched in April 2008.
The 30-year fixed mortgage rate peaked at 4.35 percent on Saturday and hovered near 4.33 percent before falling on Monday to the current rate, Zillow said.
Interest rates on other types of mortgages also fell.
Fifteen-year fixed mortgage rates were 3.73 percent, down from 3.76 percent the prior week. Rates for 5/1 adjustable-rate mortgages, or ARMs, set at a fixed rate for five years and adjustable each following year, were 3.13 percent, down from 3.27 percent the prior week.
Zillow's rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers through the website. They are not marketing rates, or a weekly survey.
Mortgage rates are linked to yields on Treasuries and yields on mortgage-backed securities. Yields move inversely to price.
Mortgage rates may continue to head lower.
Treasuries rallied on Tuesday as investors stampeded into safe-haven long-term U.S. debt. (Reuters)
Wednesday, September 15, 2010
Tuesday, July 6, 2010
Tax Credit Deadline Extended
Obama signs tax credit, flood insurance extensions into law
Closing deadline for homebuyer tax credits pushed to Sept. 30
http://tiny.cc/ecvq9
Closing deadline for homebuyer tax credits pushed to Sept. 30
http://tiny.cc/ecvq9
Wednesday, June 23, 2010
Monday, June 7, 2010
Friday, May 7, 2010
Green Bathroom Remodeling
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Green Bathroom Remodeling
If you want to make sure your bathroom remodeling project is as green as possible, here’s how to save energy, conserve resources, and protect your budget. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
Tuesday, May 4, 2010
Friday, April 16, 2010
Flood Insurance Advisory Update
The National Flood Insurance Program was extended to May 31, 2010 with the extension retroactive to February 28, 2010. This should eliminate any financing issues relating to the inability to obtain flood insurance for properties that are located in a flood zone (at least until May 31, 2010). I will keep you informed about further extensions as they come to my attention.
Thursday, April 8, 2010
The short-sale wrinkle | Inman News
Are you wondering why it takes so long to get short sales approved? The real reasons may be very different from what you might believe. The short-sale wrinkle | Inman News
Tuesday, April 6, 2010
Flood Insurance Lapse Advisory
As you may know, the National Flood Insurance Program expired on March 28, 2010 and will not be extended until, at the earliest, April 12, 2010 when Congress reconvenes after its current recess. Obviously, the ability to close transactions on properties located in flood zones may be significantly impacted during this gap period. Lenders will still be required to determine if properties are located in a flood zone and in cases where a property is located in a flood zone, it is unclear whether lenders will allow such transactions to close and if so, under what conditions.
Flood Insurance Policies cannot be issued or renewed during this gap period but flood insurance companies reportedly can complete applications and accept payments pending the reinstatement of the Program. Lenders may be willing to close transactions with evidence of such applications being filed based upon the expectation that Congress will promptly reinstate the Program and make the reinstatement effective retroactively to March 28,2010. However, whether or not that is going to be acceptable is presumably, entirely in the discretion of the applicable lender involved in the transaction. Another possible option to explore is whether it may be possible for the seller to transfer the seller’s existing flood insurance policy to the buyer. In any case where a property is known or believed to be in a flood hazard zone and the transaction is scheduled to close during this gap period, the buyer should be advised to contact his/her lender as soon as possible to determine what the lender’s position/requirements will be relating to flood insurance.
Flood Insurance Policies cannot be issued or renewed during this gap period but flood insurance companies reportedly can complete applications and accept payments pending the reinstatement of the Program. Lenders may be willing to close transactions with evidence of such applications being filed based upon the expectation that Congress will promptly reinstate the Program and make the reinstatement effective retroactively to March 28,2010. However, whether or not that is going to be acceptable is presumably, entirely in the discretion of the applicable lender involved in the transaction. Another possible option to explore is whether it may be possible for the seller to transfer the seller’s existing flood insurance policy to the buyer. In any case where a property is known or believed to be in a flood hazard zone and the transaction is scheduled to close during this gap period, the buyer should be advised to contact his/her lender as soon as possible to determine what the lender’s position/requirements will be relating to flood insurance.
Monday, March 29, 2010
Monday, March 22, 2010
Since we had so much rain here last week many of us had water in our basements for the first time. Here is an article I found that might help if you found yourself ankle deep in your basement.
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8 Solutions to Common Wet-Basement Problems
Solving wet-basement problems is one of the most important things you can do to protect the value of your home and health of your family. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
Wednesday, March 17, 2010
Friday, March 12, 2010
Nab a real estate deal - while you still can.
I just read this very timely article from CNNMoney. Given what's been happenning in our marketplace I think the writer is definitely on point. Here's a preview:
"If you've been holding off on a real estate purchase, glimmers of a turnaround in the housing market may have you wondering if it's finally time to make your move.
While home prices remain low, they're no longer free-falling in most markets. Mortgages are historically cheap. And the sweet tax credit that was offered to new buyers last year has been extended to April 30 and expanded to include current homeowners too." (Full article) http://tiny.cc/qgXKx
"If you've been holding off on a real estate purchase, glimmers of a turnaround in the housing market may have you wondering if it's finally time to make your move.
While home prices remain low, they're no longer free-falling in most markets. Mortgages are historically cheap. And the sweet tax credit that was offered to new buyers last year has been extended to April 30 and expanded to include current homeowners too." (Full article) http://tiny.cc/qgXKx
Friday, March 5, 2010
Survey: Cambridge not so good for apartment renters
Cambridge — Looks like Cambridge might not be the best place for apartment renters, according to ApartmentRatings.com, which released rankings of renter satisfaction for the largest college towns and college cities in the country.
At the bottom of the list, along with Cambridge, were West Lafayette, Ind., San Antonio, Texas, University Park, Pa., Northridge, Calif. and Fort Lauderdale, Fla.
The satisfaction scores were tabulated from thousands of user-submitted ratings provided in 2009 for apartment buildings in the cities and towns of the 100 largest four-year colleges and universities in the United States. In addition to overall satisfaction, users on ApartmentRatings.com can rate their rental experience on a number of specific factors including noise, safety and maintenance, as well as leave comments about their own experience living in the buildings.
Topping the list is Davis, Calif., home to the University of California-Davis, a highly regarded public institution located in Northern California’s Central Valley. UC-Davis’s 30,000 students enjoy the comforts of a university town (population 64,000) and Mediterranean climate, as well as close access to the state capital of Sacramento (11 miles) and cosmopolitan San Francisco (72 miles). Off-campus housing is plentiful and relatively inexpensive when compared to many major metropolitan areas.
Other top-rated college towns include:
Athens, Ga. (University of Georgia)
Ann Arbor, Mich. (University of Michigan)
Amherst , Mass. (University of Massachusetts)
Albany, N.Y. (State University of New York & Excelsior College)
Tuscaloosa, Ala. (University of Alabama)
Madison, Wis. (University of Wisconsin)
Knoxville, Tenn. (University of Tennessee)
Tucson, Ariz. (University of Arizona)
Washington, D.C. (George Washington University, Georgetown University)
The full list of the 85 college towns included in the rankings can be viewed at http://www.apartmentratings.com/rate/2010collegetownrankings.
By Staff reports
Wicked Local Cambridge
Posted Mar 04, 2010 @ 11:49 AM
Last update Mar 04, 2010 @ 04:48 PM
At the bottom of the list, along with Cambridge, were West Lafayette, Ind., San Antonio, Texas, University Park, Pa., Northridge, Calif. and Fort Lauderdale, Fla.
The satisfaction scores were tabulated from thousands of user-submitted ratings provided in 2009 for apartment buildings in the cities and towns of the 100 largest four-year colleges and universities in the United States. In addition to overall satisfaction, users on ApartmentRatings.com can rate their rental experience on a number of specific factors including noise, safety and maintenance, as well as leave comments about their own experience living in the buildings.
Topping the list is Davis, Calif., home to the University of California-Davis, a highly regarded public institution located in Northern California’s Central Valley. UC-Davis’s 30,000 students enjoy the comforts of a university town (population 64,000) and Mediterranean climate, as well as close access to the state capital of Sacramento (11 miles) and cosmopolitan San Francisco (72 miles). Off-campus housing is plentiful and relatively inexpensive when compared to many major metropolitan areas.
Other top-rated college towns include:
Athens, Ga. (University of Georgia)
Ann Arbor, Mich. (University of Michigan)
Amherst , Mass. (University of Massachusetts)
Albany, N.Y. (State University of New York & Excelsior College)
Tuscaloosa, Ala. (University of Alabama)
Madison, Wis. (University of Wisconsin)
Knoxville, Tenn. (University of Tennessee)
Tucson, Ariz. (University of Arizona)
Washington, D.C. (George Washington University, Georgetown University)
The full list of the 85 college towns included in the rankings can be viewed at http://www.apartmentratings.com/rate/2010collegetownrankings.
By Staff reports
Wicked Local Cambridge
Posted Mar 04, 2010 @ 11:49 AM
Last update Mar 04, 2010 @ 04:48 PM
Thursday, March 4, 2010
Understanding Foundation Problems
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Understanding Foundation Problems
Foundation problems may mean expensive repairs. Here’s what to look for and what you need to know to keep small concerns from becoming big headaches. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
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